Comments are due Aug. 28 on the federal credit union regulator’s June proposal to clarify requirements for a credit union to receive and maintain a “minority depository institution” designation, according to a recent notice in the Federal Register.
The proposed revisions to the agency’s Interpretive Ruling and Policy Statement (IRPS) 13-1 were issued by the National Credit Union Administration (NCUA) Board during the board’s June 22 open meeting. Among the changes would be the addition of examples of technical assistance an MDI credit union may receive, a new standard for MDIs to assess their designations periodically, and updates to the agency’s own process for reviewing MDI designation status.
Just this week, the NCUA sent a report to Congress that showed MDI credit unions in 2022 outperforming other federally insured credit unions overall in membership, asset and loan growth.
Reg lookup: Minority Depository Institution Preservation Program